Intraday Market Thoughts

Archived IMT (2010.11.04)

by Ashraf Laidi
Nov 4, 2010 15:35

STERLING HIGHEST PERFORMER among all top 10 traded currencies, building on this weeks robust services PMI and the expected BoE decision to not announce any QE. Prospects for further BoE asset purchases have receded thanks to recent data strength, but stay alert ahead of next weeks BoE quarterly inflation report, which has habitually weighed on the currency via weaker projections and dovish post-report pronouncements from BoE governor King. GBPUSD surges over 2 cents to $1.6297, coinciding with the trend line resistance from Aug 2009. A weekly close above $1.6310-20 would suggest prolonged gains towards $1.6460.


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